Real Estate Champion Study guides, Class notes & Summaries
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Chapter 4 National Real Estate Exam Prep (Champions School of Real estate)
- Exam (elaborations) • 3 pages • 2023
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Express contract - Answer- Contract that is written or stated 
 
Implied contract - Answer- Contract by actions or evidence 
 
Unilateral Contract - Answer- binds only one party. Example an option 
 
Option contract - Answer- The right to purchase property within a definite time at a specified price 
 
Bilateral contract - Answer- Exchange of promises, binds both parties. 
 
Required elements of a contract - Answer- 1. Competent parties 
2. Offer and acceptance 
3. Legal purpose 
4. In writing 
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